the way to go through these issues is we have dodd-frank energy 20. ipg 20 there's broad agreement with respect to the derivatives market and it's been reemphasizing recommitted to buy the g20, including the united states over and over again. it's a value clarin, value transparency straight reporting. it's the value of collateral a thing and marketing positions and so forth. so given the very highest level agreement, we were tempter every country's individual regulatory regimes to legislative processes. one of the challenge is frankly the mismatch and timing. dodd-frank was pastor for anywhere in the world. the japanese are the closest behind us and we set about to do as congress has directed us to implement the regulatory regime. regulators are working together extremely well. it's a huge component of our job to try to coordinate and collaborate to the greatest extent possible, understanding we have different underlying legal regimes in different underlying processes. to give you specific examples, chairman gensler from the cftc and i have cohosted t